Credit card fraud drops by more than 20 per cent

According to data recently published by UK Cards, there has been another considerable drop in the number of reported debit & credit card crimes.

Although online card fraud remains dangerously high,  total card losses in the UK amounted to a mere £190m from January to June 2010, representing a 21% drop on the same period last year.

The improvements in ‘chip & pin‘ technology has been cited as a possible reason for the decline in fraud rates although UK Cards have also attributed the drop to a number of other factors, including SSL and SmartCard.

Several leading business bank accounts have recently implemented a series of security measures to protect customers who choose to do business over the internet. This has resulted in a 39% like for like drop in internet banking fraud – amounting to a lofty £25m so far this year.

Telephone banking now seems to be a key target for fraudsters (up 10% to £7.5m in 2010) whereas cheque fraud dropped by 14%. More interestingly, UK Cards’ 12 year historical data (between 1999 and 2010) now shows that UK business bank accounts have lost nearly £5b through debit & credit card fraud.

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